Luxury towers planned after Holy Name Cathedral parking lot sold for $115 million

Brian Cassella / Chicago Tribune

Holy Name Cathedral is pictured Nov. 18, 2014. The parking lot across the street to the west, partially seen at lower left, may be the future site of up to four residential towers. JDL Development has struck at $115 million deal to buy the lot from the Archdiocese of Chicago.

Holy Name Cathedral is pictured Nov. 18, 2014. The parking lot across the street to the west, partially seen at lower left, may be the future site of up to four residential towers. JDL Development has struck at $115 million deal to buy the lot from the Archdiocese of Chicago. (Brian Cassella / Chicago Tribune)

A luxury condominium and apartment developer plans to build as many as four residential towers across the street from Holy Name Cathedral, after striking a $115 million deal to buy a huge parking lot from the Archdiocese of Chicago.

Jim Letchinger, president of Chicago-based JDL Development, said his firm is buying the 96,000-square-foot development site just west of the Catholic church.

Letchinger declined to comment on terms of the deal. But a source familiar with the deal said JDL has a letter of intent to buy the Near North Side parking lot for about $115 million.

JDL plans to develop two to four apartment and condo towers on the site, Letchinger said. He did not disclose details such as the height of the buildings or the number of units, saying it's still early in the planning process.

The site is bordered by Chicago Avenue and State, Dearborn and Superior streets along the edge of the River North and Gold Coast neighborhoods. Few sites near there, or in any densely populated area of Chicago, are large enough to accommodate a multi-tower development.

"I'm not aware of any other site that's a full city block in the Gold Coast or River North," Letchinger said. "It has a scale that allows us to create something really spectacular architecturally and from a lifestyle standpoint."

The archdiocese confirmed in an email that it reached an agreement to sell the site, but did not identify the price or buyer.

"Any future development will include an open, green space across from the cathedral and an increased number of parking spaces reserved for cathedral use," the email said.

JDL's deal to buy the site from the archdiocese was first reported by Crain's Chicago Business.

The site is within a half-mile of three other big JDL projects, including the 70-unit luxury condo project, No. 9 Walton, at State and Walton streets and the neighboring Two West Delaware project in which JDL is converting 153 luxury apartments into about 130 condos. JDL is also building a 23-story, 250-unit apartment tower on a River North site where the Ed Debevic's diner previously stood.

"I've had success in this area, so I believe in it," Letchinger said of the Holy Name project.

JDL's development partner on No. 9 Walton, Chinese private equity firm Cindat Capital Management, is believed to be a potential equity partner in the Holy Name project. Letchinger declined to identify likely investors, but said he is in talks with several potential equity partners.

A version of this article appeared in print on April 06, 2017, in the Business section of the Chicago Tribune with the headline "2 to 4 luxury towers eyed for Holy Name parking lot - On Real Estate" —
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